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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
MS International | AQSE:MSI.GB | Aquis Stock Exchange | Ordinary Share | GB0005957005 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.02 | -0.13% | 803.985 | 780.00 | 830.00 | 805.00 | 797.65 | 805.00 | 1,140 | 14:26:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMSI
RNS Number : 7832A
MS International PLC
10 June 2016
MS INTERNATIONAL plc Results for the 52 weeks ended 30(th) April, 2016 Chairman's Statement Results and Review It is pleasing to report that the Group has continued to build on the good progress attained in the first half of the year, notwithstanding recessionary conditions in the global industrial manufacturing and heavy engineering sector which progressively deepened as the year unfolded. For the year ended 30th April 2016, profit before taxation increased to GBP1.68m (2015 - GBP1.54m) on revenue up at GBP49.28m (2015 - GBP45.50m). Earnings per share amounted to 9.6p (2015 - 8.20p). The balance sheet remains very strong, even after considerable investment, with net cash and short term deposits amounting to GBP12.76m (2015 - GBP17.15m) at the year end. 'Defence', as we anticipated, continued its recovery with a satisfying upward trajectory in revenue. This was most encouraging following the previous two years when we endured widespread constraints upon international defence budgets that resulted in a disappointingly subdued order intake and ensuing weaker revenues. Meanwhile our investment in products, facilities and personnel development has continued unabated and there are positive signs that we are beginning to reap the rewards of this important commitment. 'Forgings' manufactures on three continents producing a complete size-range of original equipment fork-arms for the forklift truck, construction, agricultural and quarrying equipment manufacturing industries together with after-market products. It experienced a most challenging time as many markets it serves were adversely impacted by the sheer scale of deepening recessionary conditions. As a consequence, the division's three business operations in the UK, USA and Brazil, had to contend with reduced weekly orders and revenue. Nevertheless, relentless tight control of costs and further investment in production efficiency drivers went some way towards countering the negative effects of the slowdown. 'Petrol Station Superstructures' traditional business of design, manufacture and construction of petrol station canopies, convenience stores and car-wash buildings across the UK, Eire and Eastern Europe also experienced a notable downturn in activity as many customers - the major oil companies, dealers and supermarket groups - deferred planned new build programmes. By contrast, Petrol Sign bv, acquired in June 2015, produced an exemplary performance emanating from an incredibly busy year restyling petrol station branding in mainland Western Europe. This success partially offset the effects of the slowdown on other parts of the division. Outlook Notwithstanding current negativity in some markets and the fact that growth is continuing to slow virtually everywhere, we have the desire, commitment and resources to maintain a positive stance and, most significantly, we have the ability to invest in the future with new products and facilities whilst reaching out to the opportunities that we perceive are accessible in areas that are new to us. In the meantime our priority is to go forward on all fronts and successfully contend with the existent tough market conditions. 'Defence' - despite the many global security fears, persisting or emerging, there is yet to be any meaningful evidence of the anticipated upturn in defence budgets by governments around the world. As is the case for many global suppliers of defence equipment and services, the fragility of this anticipated upturn remains a salient feature in our future business planning and expectations. Yet, during this prolonged period of market weakness, our response has been to continue investing in the business and that policy will be maintained, for there is little doubt that much is being achieved and we strongly believe that we are doing the right thing in order to grow the division. Our defence business already enjoys a world class reputation for both products and support services and in order to sustain and advance that status, the structure of the operation is being strengthened, new items are being added to the product portfolio and marketing has been intensified in both home and international markets. 'Forgings' - many of our global customers in the manufacture of mobile handling plant and equipment have already chronicled the negative effects of the economic downturn on their businesses. Clearly it may take some time for there to be any sign of a real recovery in these markets. Accordingly, our attention is focused on maintaining tight cost control and seeking any operational efficiencies to ensure that we maintain our highly creditable and enviable reputation as a strong, reliable and cost effective supplier. In the United States we are in the construction phase of a new manufacturing facility to replace the much smaller property nearby. In preparation for the relocation, additional state of the art plant and equipment is currently being assembled for installation in the new facility later this year. 'Petrol Station Superstructures'- the division is seeing a good number of the new station builds that customers postponed last year now being resurrected for construction in the current year. With the summer construction period approaching full swing, there has been a significant upturn in order intake over recent weeks from our traditional markets in the UK, Eire and Eastern Europe. Following the integration of Petrol Sign into the Group, two new 'Petrol Sign' branding business operations have been established one here in the UK and the other in Germany. In addition, a forecourt superstructures operation has been opened in The Netherlands to strengthen the company's market position in mainland Western Europe. We are greatly encouraged by the positive response of the petrol station forecourt market to our business expansion programmes. Overall, the Group now has some very positive initiatives in place and, despite the current difficult worldwide trading environment, much is being achieved and some very interesting opportunities are opening up. All matters considered the Board recommends the payment of a maintained final dividend of 6.5p per share (2015 - 6.5p), making the total for the year of 8p (2015 - 8p). The final dividend is expected to be paid on 21st July 2016 to those shareholders on the register at the close of business on 24(th) June 2016 Michael Bell 9th June 2016 For any further information please contact: MS INTERNATIONAL plc Tel: 01 302 322133 Michael Bell Shore Capital Tel: (0) 20 7408 4090 Nomad and Broker Bidhi Bhoma/Patrick Castle Consolidated income statement For the 52 weeks ended 30th April, 2016 2016 2015 Total Total GBP000 GBP000 Revenue 49,282 45,503 Cost of sales (36,413) (34,763) Gross profit 12,869 10,740 Distribution costs (3,104) (2,357) Administrative expenses (7,909) (6,643) ------------------------------------------------------------------- --------- --------- (11,013) (9,000) Group operating profit 1,856 1,740 Finance revenue 47 70 Finance costs (5) (32) Other finance costs - pensions (216) (237) --------- --------- (174) (199) ------------------------------------------------------------------ Profit before taxation 1,682 1,541 Taxation (98) (188) Profit for the period attributable to equity holders of the parent 1,584 1,353 Earnings per share: basic and diluted 9.6p 8.2p Consolidated and company statement of comprehensive income For the 52 weeks ended 30th April, 2016 Group Company 2016 2015 2016 2015 Total Total Total Total
GBP000 GBP000 GBP000 GBP000 Profit for the period attributable to equity holders of the parent 1,584 1,353 1,755 955 Exchange differences on retranslation of foreign operations 228 (106) - - Net other comprehensive profit/(loss) to be reclassified to profit or loss in subsequent periods 228 (106) - - Remeasurement losses on defined benefit pension scheme (826) (964) (826) (964) Deferred taxation on remeasurement losses on defined benefit scheme 165 193 165 193 Change in taxation rates (153) - (153) - Net other comprehensive loss not being reclassified to profit or loss in subsequent periods (814) (771) (814) (771) Total comprehensive income for the period attributable to equity holders of the parent 998 476 941 184 --------- -------- --------- --------- Consolidated and company statement of changes in equity Issued Capital Other Revaluation Special Foreign Treasury Retained Total capital redemption reserves reserve reserve exchange shares earnings reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 (a) Group At 3rd May, 2014 1,840 901 2,815 4,146 1,629 (183) (3,059) 21,054 29,143 Profit for the period - - - - - - - 1,353 1,353 Other comprehensive loss - - - - - (106) - (771) (877) ------- -------- -------- -------- Total comprehensive (loss)/income - - - - - (106) - 582 476 Dividends paid - - - - - - - (1,320) (1,320) At 2nd May, 2015 1,840 901 2,815 4,146 1,629 (289) (3,059) 20,316 28,299 Profit for the period - - - - - - - 1,584 1,584 Other comprehensive income/(loss) - - - - - 228 - (814) (586) ------- ---------- -------- ----------- ------- -------- -------- -------- -------- Total comprehensive income - - - - - 228 - 770 998 Dividends paid - - - - - - - (1,320) (1,320) Change in taxation rates - - - 83 - - - - 83 Depreciation of buildings revaluation - - - (7) - - - 7 - At 30th April, 2016 1,840 901 2,815 4,222 1,629 (61) (3,059) 19,773 28,060 (b) Company At 3rd May, 2014 1,840 901 1,565 4,240 1,629 - (3,059) 18,690 25,806 Profit for the period - - - - - - 955 955 Other comprehensive loss - - - - - - - (771) (771) ------- ---------- -------- ----------- ------- -------- -------- -------- -------- Total comprehensive income - - - - - - - 184 184 Dividends paid - - - - - - - (1,320) (1,320) At 2nd May, 2015 1,840 901 1,565 4,240 1,629 - (3,059) 17,554 24,670 Profit for the period - - - - - - - 1,755 1,755 Other comprehensive loss - - - - - - - (814) (814) ------- ---------- -------- ----------- ------- -------- -------- -------- -------- Total comprehensive income - - - - - - - 941 941 Dividends paid - - - - - - - (1,320) (1,320) Dividend received from subsidiary - - - - - - - 171 171 Change in taxation rates - - - 83 - - - - 83 Depreciation of buildings revaluation - - - (7) - - - 7 - At 30th April, 2016 1,840 901 1,565 4,316 1,629 - (3,059) 17,353 24,545 Consolidated statements of financial position At 30th April, 2016 Group Company 2016 2015 2016 2015 GBP'000 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 15,955 14,563 12,869 12,608 Intangible assets 5,671 3,818 4 13 Investments in subsidiaries - - 14,170 11,741 Deferred income tax asset 1,376 1,376 1,376 1,376 23,002 19,757 28,419 25,738 Current assets Inventories 7,043 8,464 5,808 7,393 Trade and other receivables 8,996 9,454 9,655 9,252 Income tax receivable 118 40 - - Prepayments 784 590 682 495 Cash and short-term deposits 12,758 17,148 11,017 16,199 29,699 35,696 27,162 33,339 TOTAL ASSETS 52,701 55,453 55,581 59,077 EQUITY AND LIABILITIES Equity Equity share capital 1,840 1,840 1,840 1,840 Capital redemption reserve 901 901 901 901 Other reserve 2,815 2,815 1,565 1,565 Revaluation reserve 4,222 4,146 4,316 4,240 Special reserve 1,629 1,629 1,629 1,629 Currency translation reserve (61) (289) - - Treasury shares (3,059) (3,059) (3,059) (3,059) Retained earnings 19,773 20,316 17,353 17,554 28,060 28,299 24,545 24,670 Non-current liabilities Defined benefit pension liability 7,644 6,877 7,644 6,877 Deferred income tax liability 1,590 1,283 987 984 9,234 8,160 8,631 7,861 Current liabilities Trade and other payables 15,253 18,994 22,270 26,454 Income tax payable 154 - 135 92 15,407 18,994 22,405 26,546 TOTAL EQUITY AND LIABILITIES 52,701 55,453 55,581 59,077 Cash flow statements For the 52 weeks ended 30th April, 2016 Group Company 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 Profit before taxation 1,682 1,541 1,880 943 Adjustments to reconcile profit before taxation to net cash in flow from operating activities Depreciation charge 1,060 1,117 861 931 Amortisation charge 609 317 9 8 Impairment in investment in subsidiary undertaking - - 28 88 Administration expenses-pension fund 320 316 320 316 Profit on sale of fixed assets (98) (78) (91) (75) Finance costs 174 199 170 178 Foreign exchange gains 83 65 - - Decrease/(increase) in inventories 2,394 (302) 1,585 (143) Decrease/(increase) in receivables 840 (1,194) (403) (976) Increase in prepayments (194) (143) (187) (132)
Decrease in payables (1,981) (389) (1,705) (38) (Decrease)/increase in progress payments (2,479) 4,158 (2,479) 4,198 Pension fund payments (595) (529) (595) (529) Cash generated from operating activities 1,815 5,078 (607) 4,769 Interest received 42 38 46 59 Taxation (paid)/received (134) (288) 16 (41) Net cash inflow/(outflow) from operating activities 1,723 4,828 (545) 4,787 Investing activities -------- -------- -------- -------- Acquisition of Petrol Sign bv (2,612) - (2,438) - Investment in Petrol Sign GmbH - - (19) - Purchase of property, plant and equipment (2,330) (833) (1,172) (693) Sale of property, plant and equipment 149 187 141 184 -------- -------- -------- Net cash outflow from investing activities (4,793) (646) (3,488) (509) Financing activities Dividends paid (1,320) (1,320) (1,320) (1,320) Dividend received from subsidiary - - 171 - Net cash outflow from financing activities (1,320) (1,320) (1,149) (1,320) (Decrease)/Increase in cash and cash equivalents (4,390) 2,862 (5,182) 2,958 Opening cash and cash equivalents 17,148 14,286 16,199 13,241 Closing cash and cash equivalents 12,758 17,148 11,017 16,199 The financial information set out above does not constitute the Company's statutory accounts for the periods ended 30th April, 2016 or 2(nd) May, 2015 but is derived from those accounts. Statutory accounts for 2015 have been delivered to the Registrar of Companies, and those for 2016 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. 1 Segment information The following table presents revenue and profit and certain assets and liability information regarding the Group's divisions for the periods ended 30th April, 2016 and 2nd May, 2015. The reporting format is determined by the differences in manufacture and services provided by the Group. The Defence division is engaged in the design, manufacture and service of defence equipment. The Forgings division is engaged in the manufacture of forgings. The Petrol Station Superstructures division is engaged in the design, manufacture, construction, branding, maintenance and restyling of petrol station superstructures. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. Group financing (including finance costs and finance revenue) and income taxes are managed on a group basis and are not allocated to operating segments. Defence Forgings Petrol Station Total Superstructures 2016 2015 2016 2015 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Revenue External 21,907 17,010 11,922 15,120 15,453 13,373 49,282 45,503 Total revenue 21,907 17,010 11,922 15,120 15,453 13,373 49,282 45,503 Segment result 1,787 (247) (343) 1,250 412 737 1,856 1,740 Net finance costs (174) (199) Profit before taxation 1,682 1,541 Taxation (98) (188) Profit for the period 1,584 1,353 Segmental assets 24,607 28,460 5,250 6,299 12,132 5,209 41,989 39,968 Unallocated assets (see below) 10,712 15,485 Total assets 52,701 55,453 Segmental liabilities 10,411 14,407 1,378 1,609 3,454 2,045 15,243 18,061 Unallocated liabilities (see below) 9,398 9,093 Total liabilities 24,641 27,154 Capital expenditure 214 82 1,443 526 550 168 Depreciation 233 217 362 424 911 276 Unallocated assets includes certain fixed assets, intangible assets, current assets and deferred tax assets. Unallocated liabilities includes the defined pension benefit scheme liability and certain current liabilities. Following the acquisition of Petrol Sign bv, management have revised the allocation of certain costs which has led to a restatement of the prior year segment result for the three divisions. The total segment result of the Group for the prior year remains unchanged. Geographical analysis The following table presents revenue and expenditure and certain assets and liabilities information by geographical segment for the periods ended 30th April, 2016 and 2nd May, 2015. The Group's geographical segments are based on the location of the Group's assets. Revenue from external customers is based on the geographical location of its customers. North Rest of the Europe America World Total 2016 2015 2016 2015 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Revenue External 39,238 36,255 3,935 4,810 6,109 4,438 49,282 45,503 Non-current assets 21,683 19,457 1,246 192 73 108 23,002 19,757 Current assets 27,544 34,063 1,483 1,432 672 201 29,699 35,696 Liabilities 22,675 26,876 1,531 259 435 19 24,641 27,154 Capital expenditure 1,261 698 1,069 135 - - 2,330 833 Information about major customers 2016 2015 Revenue from major customers arising from sales reported in the Defence segment: GBP000 GBP000 Customer 1 10,042 - Customer 1 - 10,715 Employee 2 Information 2016 2015 Number Number The average number of employees, including executive directors, during the period was: Production 237 210 Technical 68 65 Distribution 31 27 Administration 59 54 395 356 (a) Staff costs 2016 2015 Their, including executive directors, employment costs were as follows: GBP000 GBP000 Wages and salaries 11,558 11,967 Social Security
costs 1,227 1,313 Other pension costs 412 506 13,197 13,786 2016 2015 (b) Directors' emoluments GBP000 GBP000 Aggregate directors' emoluments 1,130 1,141 3 Taxation The charge for taxation comprises: 2016 2015 GBP000 GBP000 Current tax United Kingdom corporation tax 83 19 Tax over provided in previous years (82) (5) Foreign corporation tax 150 286 Group current tax 151 300 Deferred tax Origination and reversal of temporary differences (54) (50) Adjustments in respect of prior years 37 (62) Impact of reduction in deferred tax rate to 18% (36) - Group deferred tax (53) (112) Tax on profit 98 188 Tax relating to items charged or credited to other comprehensive income Deferred tax Deferred tax on remeasurement losses on pension scheme current year (165) (193) Impact of reduction in deferred tax rate to 18% 153 - Income tax in the statement of comprehensive income (12) (193) Factors affecting the tax charge for (b) the year The tax assessed for the period differs to the standard rate of corporation tax in the UK (20%) (2015 - 21%). The differences are explained below: 2016 2015 GBP000 GBP000 Profit before tax 1,682 1,541 Profit multiplied by standard rate of corporation tax of 20% (2015 - 21%) 336 324 Expenses not deductible for tax purposes (157) (69) Adjustment in respect of prior periods (45) (67) Impact of reduction in deferred tax rate to 18% (36) - Total tax charge for the period 98 188 4 Earnings per share The calculation of basic earnings per share is based on: (a) Profit for the period attributable to equity holders of the parent of GBP1,584,000 (2015 - GBP1,353,000). (b) 16,504,691 (2015 - 16,504,691) Ordinary shares, being the weighted average number of Ordinary shares in issue. This represents 18,396,073 (2015 - 18,396,073) being the weighted average number of Ordinary shares in issue less 1,891,382 (2015 - less 1,891,392) being the weighted average number of shares both held within the ESOT 245,048 (2015 - 245,048) and purchased by the Company 1,646,334 (2015 - 1,646,334). 5 Dividends paid and proposed 2016 2015 GBP000 GBP000 Declared and paid during the year On Ordinary shares Final dividend for 2015 : 6.50p (2014 - 6.50p) 1,073 1,073 Interim dividend for 2016 : 1.50p (2015 - 1.50p) 247 247 1,320 1,320 Proposed for approval by shareholders at the AGM Final dividend for 2016 : 6.50p (2015 - 6.50p) 1,073 1,073 6 Trade and other receivables Group Company 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 Trade receivables 7,744 7,772 6,578 6,646 Retentions on contracts 1,188 1,681 1,188 1,681 Amounts owed by subsidiary undertakings - - 1,874 924 Other receivables 64 1 15 1 8,996 9,454 9,655 9,252 Gross amounts due from customers for contract work - included above 1,861 2,172 1,666 1,905 The aggregate amount of costs incurred and recognised profits to date on contracts is GBP10,775,000 (2015 - GBP13,280,000). (a) Trade receivables are denominated in the following currencies Group Company 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 Sterling 6,019 6,545 6,019 6,545 Euro 983 236 559 101 US dollar 361 643 - - Other currencies 381 348 - - 7,744 7,772 6,578 6,646 Trade receivables are non-interest bearing and are generally on 30 days terms and are shown net of provision for impairment. The aged analysis of trade receivables not impaired is as follows: Group Total Not past < 30 days 30-60 days 60-90 days > 90 days due GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 2016 7,744 6,026 1,424 269 9 16 2015 7,772 6,328 1,224 98 105 17 As at 30th April, 2016 trade receivables at a nominal value of GBP102,000 (2015 - GBP52,000) were impaired and fully provided. Bad debts of GBP51,000 (2015 - GBP151,000) were recovered and bad debts of GBP24,000 (2015 - GBP42,000) were incurred. Company 2016 6,578 5,182 1,158 238 - - 2015 6,646 5,604 905 57 80 - As at 30th April, 2016 trade receivables at a nominal value of GBP39,000 (2015 - GBP39,000) were impaired and fully provided. Bad debts of GBP8,000 (2015 - GBP143,000) were recovered and bad debts of GBP23,000 (2015 - GBP15,000) were incurred. (b) Retentions on contracts are denominated in the following currencies Group Company 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 Sterling 1,188 1,681 1,188 1,681 Euro - - - - US dollar - - - - Other - - - - currencies 1,188 1,681 1,188 1,681 Retentions on contracts are non interest bearing and represent amounts contractually retained by customers on completion of contracts for specific time periods as follows: Group Total Up to 6 6 - 12 12 - 18 months 18 - 24 months months months GBP000 GBP000 GBP000 GBP000 GBP000 2016 1,188 1,188 - - - 2015 1,681 1,681 - - - Company 2016 1,188 1,188 - - -
2015 1,681 1,681 - - - 7 Cash Group Company 2016 2015 2016 2015 GBP000 GBP000 GBP000 GBP000 Cash at bank and in hand 7,420 9,884 5,715 8,935 Short term deposits 5,338 7,264 5,302 7,264 12,758 17,148 11,017 16,199 8 Reserves Share Capital The balance classified as share capital includes the nominal value on issue of the Company's equity share capital, comprising 10p Ordinary shares. Capital redemption reserve The balance classified as capital redemption reserve represents the nominal value of issued share capital of the Company, repurchased. Other reserve This is the revaluation reserve previously arising under UK GAAP which is now part of non-distributable retained reserves. Revaluation reserve The asset revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same assets previously recognised in equity. This also includes the impact of the change in related deferred tax due to the change in corporation tax (20% to 18%). Special reserve The balance classified as special reserve represents the share premium on the issue of the Company's equity share capital. Currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations. Treasury Shares 2016 2015 GBP000 GBP000 Employee Share Ownership Trust 100 100 Shares in treasury (see below) 2,959 2,959 3,059 3,059 During 1991 the Company established an Employee Share Ownership Trust ("ESOT"). The trustee of the ESOT is Appleby Trust (Jersey) Ltd, an independent company registered in Jersey. The ESOT provides for the issue of options over Ordinary shares in the Company to Group employees, including executive directors, at the discretion of the Remuneration Committee. The trust has purchased an aggregate 245,048 (2015 - 245,048) Ordinary shares, which represents 1.3% (2015 - 1.3%) of the issued share capital of the Company at an aggregate cost of GBP100,006. The market value of the shares at 30th April, 2016 was GBP448,000 (2015 - GBP346,000). The Company has made payments of GBPNil (2015 - GBPNil) into the ESOT bank accounts during the period. No options over shares (2015 - Nil) have been granted during the period. Details of the outstanding share options, for Directors are included in the Directors' remuneration report. The assets, liabilities, income and costs of the ESOT have been incorporated into the Company's financial statements. Total ESOT costs charged to the income statement in the period amounts to GBP7,000 (2015 - GBP4,000). During the period no options on shares were exercised (2015 - Nil) and no shares were purchased (2015 - Nil). The Company made the following purchases of its own 10p Ordinary shares to be held in Treasury: GBP000 11th December, 2013 1,000,000 shares from the Group's pension scheme. 1,722 30th January, 2014 646,334 shares 1,237 2,959 9 Petrol Sign bv On the 17th June, 2015 the Company acquired the entire issued share capital of Petrol Sign bv, a Company based in The Netherlands from Lambooij Holdings B.V. The consideration for the acquisition was EUR3,400,000 and was paid in cash on completion. Petrol Sign bv designs, restyles, produces and installs the complete appearance of petrol station superstructures and forecourt. The acquisition will enhance and widen the ability of our Petrol Station Superstructure Division to offer a more complete package of services to customers. The fair values of the identifiable assets and liabilities of Petrol Sign bv as at the date of acquisition were: GBP000 Fair value recognised on acquisition Customer relationships 1,332 Order backlog 178 Non-compete 43 Trade name 147 Plant and equipment 171 Inventories 973 Receivables 382 Payables (719) Bank Overdraft (174) Income tax (58) Deferred tax (425) Total identifiable net assets at fair value 1,850 Goodwill arising on acquisition 588 Total purchase consideration transferred 2,438 Analysis of net cash acquired Cash purchase consideration (2,438) Cash and short term deposits acquired (174) Net cash acquired with subsidiary (2,612) The goodwill of GBP588,000 comprises certain intangible assets that cannot be individually separated from the acquiree due to their nature. These items include the expected value of synergies and an assembled workforce. Goodwill is allocated entirely to the petrol station superstructures unit. None of the goodwill is expected to be deductible for income tax purposes. Transaction costs of GBP104,000 have been expensed and included in administration costs. From the date of acquisition Petrol Sign bv has contributed GBP4,726,000 of revenue and a profit of GBP405,000 to the profit before tax from continuing operations of the Group. If the combination had taken place at the beginning of the year the consolidated profit of the Group would have been GBP1,692,000 and the revenue of the Group would have been GBP49,309,000 The preliminary announcement is prepared on the same basis as set out in the previous year's accounts. The Directors confirm to the best of their knowledge that: (a) the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the group and the undertakings included in the consolidation taken as a whole; and (b) the Chairman's Statement includes a fair review of the development and performance of the business and the position of the group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. The preliminary announcement was approved by the Board on 9th June, 2016 and the above responsibility statement was signed on its behalf by Michael Bell, Executive Chairman and Michael O'Connell, Group Finance Director. Copies of this announcement are available from the Company's registered office at MS INTERNATIONAL plc, Balby Carr Bank, Doncaster, DN4 8DH, England. The full Annual Report and Accounts will be posted to shareholders shortly and will be available on our website at www.msiplc.com and will be delivered to the Registrar of Companies after it has been laid before the Company in general meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
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June 10, 2016 02:00 ET (06:00 GMT)
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